Things To Consider When starting Your Company In Kenya
Starting a business is both exciting and stressful. We compiled list of factors to consider before launching the business
Knowledge and expertise about the product or service are keys to a successful business
- 2 Market/Demand
Once a decision is taken on the business you intend to start, the next step is to explore the demand / market for the product / service
- 3 Financing/Capital.
Depending on how much capital the owner can introduce the balance amount will need to be borrowed. Funds borrowed will be either short term loans or long term loans..
- 4 Competition•
Before entering new business, information about market competition needs to be found out. Success of the business will depend upon the demand and supply gap..
- 5 Location
Deciding an optimum location for the business is a strategic and an important one. A good location goes a long way in making the business successful. The location needs to be carefully chosen.• Some places have advantages over the others.
- 6 Laws, Rules, & Regulation
Setting up a new business would require compliance with various laws & regulations. Each country is governed by separate laws and regulations which require that any new business be registered with certain authorities and meets certain compliance.
- 7 Return on Investment•
Return on Investment (ROI) is calculated as Net Profit divided by the Investment made. The ROI is low in the initial years and is expected to grow on a year on year basis.• The ROI needs to be compared with the return that would be earned from alternative business options available.
- 8 Staff/employees •
Any business requires efficient staff to succeed. The staff needs to be carefully chosen since they are the ones who could make or break the business.
Are you starting a business? Tell us about it